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Module 3
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Preguntas del test (16)
1Decision theory
- Aprovides the framework for decision-making when conditions are certain
- Bdetermines optimal strategies when faced with several alternatives and a risky pattern of future events
2The LaPLace Principle
- Atreats uncertain events as equally probable
- Bis used when there is complete certainty about all events
- Cuses expected mean when dealing with cost
- Dalways adopts a strategy with the highest mean
3This principle is adopted by pessimistic decision-makers who are most conservative in their approach
- ALaPlace principle
- BMaximin or Maximin Principle
- CMaximax or Maximax principle
- DNyce principle
4Which of the following is not a step in decision theory?
- Aidentification of the various possible outcomes
- Bchoosing from among the various alternatives
- Cdetermination of the pay-off function which describes consequences
- Dforming an economic framework analysis
5A matrix of conditional values associated with all possible combinations a series of events is a:
- Apivot table
- Bpay-off table
- Copportunity regression
- Dnone of the above
6What is the name for the solution that is obtained y working backwards, from left to right, through a decision tree?
- Abackwards-thinking
- Bregressive method
- Crollback technique
- Dprogressive method
7The ________ principle of decision-making stipulates that a decision-maker's view is usually extreme optimism.
- ALaPlace principle
- Bmaximin
- Cmaximax
- Dhurwicz
8Tom is faced with a situation. Place order of the decision-making process.
- AIdentify the outcomes, identify the courses of action, determine the pay-off function and then choose from the alternatives
- BIdentify the course of action, determine the pay-off function, identify the outcomes and then choose from the alternatives
- CDetermine the pay-off function, identify the course of action, identify the outcomes and then choose from the alternatives
9Which of the following is extremely useful for the utilization of the rollback technique?
- Agiving preference to the decision that leads to the greatest profit
- Bconstructing a decision tree
- Cworking from the first decision you must make it to the last one
10A pay-off is a(n) ________ value in the sense that associated with each course of action is a certain profit/loss
- Aalternative
- Bvariable
- Cconditional
- Dfuture
11What is one weakness of the maximum likelihood principle?
- Ait overcompensates for socio-economic outcomes
- Bonly quantitative decisions are made by using the maximum likelihood principle
- Cit ignores other available information, such as other possible events and their consequences
12What is the optimal choice with the strategy that has the highest expected pay-off?
- Aexpectation theory
- Bmaximax
- CLaPlace
- Dmaximin
13What is the difference between a decision node/decision fork and the chance node/chance fork in the decision tree?
- Aa decision node indicates that a decision was made in the decision process and the chance node indicates what occurred
- Bdecision nodes occur where a profit can be made and chance nodes only occur where there is the possibility of loss
- Cdecision nodes are at locations where a decision needs to be made and chance nodes at locations which happens as a result of the decision
14In the decision-making process, opportunity loss, or regret, occurs when
- Athe optimal course of action is not adopted
- Ba recession occurs
- Cmaximin profit is achieved
- Ddemand equals supply
15Having more information is a key tenet of
- Athe expectation principle
- Bmaximum likelihood principle
- CLaPlace principle
- Ddecision theory
16Which of the following determines the optimal strategies when a decision-maker is faced with several different alternatives and a risky pattern of events?
- Adecision theory
- Beconomic theory
- Cuncertainty theory
- Dlikelihood theory
Información
- Descripción
- Business Analyst Module 3 Test sobre Module 3, creado por Ashley Shields el 28/05/2021.
- Autor
- Ashley Shields
- Idioma
- English
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